Cost of living and rent: This is Ghana’s rank in Africa

Ghana is ranked 6th among 16 African countries for the highest Cost of Living and Rent Index, according to Numbeo, with a score of 21.0 points.

The country also holds the 6th position in the Groceries Index with a score of 33.9.

The cost of living in many African cities continues to spike due to economic downturns fueled by currency fluctuations, inflation, subsidy removals on essential commodities like fuel, and increased taxes.

Hence, basic commodities like food and utilities have witnessed price hikes.

The recent index by Numbeo, one of the world’s foremost data and research platforms, revealed the cost of living in various African cities mid-year.

While some African cities have experienced notable economic growth, income inequality remains a persistent issue. The gap between the rich and the poor is widening, making it difficult for a significant portion of the population to cope with the rising cost of living.

Cameroon leads the continent with the highest Cost of Living and Rent Index at 27.5, followed by Nigeria at 27.1.

Zimbabwe and Mauritius are tied for 3rd place with scores of 24.1, while South Africa ranks 5th.

In terms of local purchasing power, South Africa ranks highest with a score of 102.8, followed by Botswana at 64.4. Mauritius and Libya hold the 3rd and 4th positions with scores of 43.2 and 42.0, respectively.

Ghana is positioned 12th out of the 16 countries assessed.

Purchasing power is a vital indicator of a country’s economic health and prospects.

High purchasing power suggests robust consumer spending and economic stability, while lower purchasing power often signals economic difficulties.